Get a thorough property inspection. mechanicals and roof repair or replacement early on will make your numbers fall apart.

Or better yet, help create the story, like Don Konipol's example of the $125K auto repair shop, with a seller willing to file bankruptcy once he was educated about it.

"Disclosed Operating expenses:"RUN your own numbers.400 rent X 4 = 1,600 monthly X 12 = 19,20019,200 gross income divided by half.10% vacancy30% operating and expense10% managementYou have then 9,600 a year.At a 10 CAP you have 96,000 purchase price.1 beds have a lot more turnover than 2 beds do.The people get a boyfriend or girlfriend,get pregnant,family member or mom moves in and they now need a 2 bed.Pay attention to if 400 is at market or below market rent.If it's below market you can keep tenants staying for a long time.If it's high for the area or at market people will move as soon as their income starts falling to a cheaper alternative which creates more turnover.For each turnover you will have lost rent and re-condition costs.The 96,000 purchase price does not include immediate fixes.Example the roof needs redone,mechanicals only have 1 or 2 years left before having to replace etc.

All mortgages are on auto pay through the bank.

I use north valley mechanical, ask for kirk

The last couple of years I've been busy at work and kind if put the rentals on auto pilot.

New tile on the floor doesn't mean squat".Mechanicals,roofs,plumbing,electrical etc. that is where the real cost is at.Is the property sub-metered for water??

3 Family Dwelling is in between a homeowners policy and a commercial property policy, what you need is called a 'Dwelling Policy' the problem with a dwelling policy is that most carriers that write dwelling policies would want to have your primary policy such as either your homeowners or personal auto policy.Evergreen Insurance & Risk Management specializes in insuring commercial real estate and they can write a 3 family dwelling without the primary.

As for adding value, just get the mechanicals in good working order & get it looking clean & fresh - paint & carpet or other flooring do most of the work.

Yes, I'd suggest you follow the mechanics outlined by Jason, but it will come down to which investment is best for you and determining what you must have as profit for your time.